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When the broad market is a snoozer, like it is today, it can be tricky to decipher what is actually happening. The Nasdaq Composite is slightly green, while the S&P 500 is down roughly 0.25%. Underneath the surface, I am seeing a decent mix of red and green issues. Overall, the market has been consolidating its march higher over the past few weeks in a rather orderly manner. Bears who have been foaming at the mouth to pounce on the short side have been pretty soundly disappointed by the lack of follow-through to any move lower. Objectively speaking, that appears to be a plus for the bulls. We also continue to see volatility abate, while upside breakouts appear to have worked much better than major breakdowns of late.
Inside 12631, we are tossing dogmatic approaches to the side and instead are focused on what is actually working, such as Endologix, which we have been long for a few days.
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I day traded this one on its initial breakout on Jan 13th, and close it out. Wish i held it. Looks like its got some more room to run.